Elysian Residences, who were going to build an £80million luxury retirement complex – The Belvedere – has put the site up for sale after ‘assessing’ the development earlier this year.
In August, the Times reported how the US-based developer, which bought the site last year, was reassessing its options in the wake of the Covid pandemic.
Now the developer has put the 1.3-acre site on Mount Pleasant on the market for £17million.
The land, which is being sold with its existing planning permission, has changed hands six times since the ABC Cinema closed in 2000.
Leader of Tunbridge Wells Borough Council, Alan McDermott told the Times: “I am disappointed but not surprised to see the cinema site back on the market.
“We had put in a huge amount of work with the current owners to ensure a viable mixed-use scheme that included a cinema.
“Without a doubt the Covid-19 pandemic has made it very difficult for investors to commit to these types of development due to the economic, health and travel risk.
“Tunbridge Wells remains a great place to live and do business and we will work with the new owners to deliver a scheme that meets the needs and expectations of residents.”
